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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 398.57-0.2%Dec 18 4:00 PM EST
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To: Ilaine who wrote (77022)7/28/2011 7:21:44 PM
From: Cogito Ergo Sum1 Recommendation  Read Replies (3) of 218598
 
a wrinkle on predatory lending :O)

The Portuguese have lived beyond their means for decades, but they were also misled into doing so. At first, the European Union tempted Lisbon with generous aid programs. Since Portugal joined the union in 1986, Brussels has sent about €55 billion ($79 billion) to the country. Then the introduction of the common currency gave the economy another boost.

Suddenly Portugal was enjoying the same access to credit as major countries like Germany and France. As a result, its people became accustomed to fast cars and fancy apartments, all paid for with borrowed funds. But Portugal's apparent affluence was deceptive, because it bore no relationship to the country's real economic strength.

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